House Of Reps Orders CBN To Suspend New Cashless Policy

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 House Of Reps Orders CBN To Suspend New Cashless Policy
To Suspend New

To Suspend New

The House resolved to mandate the committee on banking to investigate the policy and report to the House in 4 weeks.

The decision followed a motion of urgent public importance moved by Benjamin Kalu.

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It would be recalled that in a circular released on Tuesday, the had directed all deposit money banks in the country to charge 3% processing fees for withdrawals and 2% for deposits of amounts above N500, 000 for individual accounts.

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Corporate account holders will be charged 5% processing fees for withdrawals and 3% for deposits of amounts above N3 million.

The directive was, however, criticised by some Nigerians for various reasons.

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